Group 1 - The third season of "The White Lotus" presents a stark contrast in the portrayal of local people, reducing them to mere symbols and functional roles, particularly in the context of wealthy white tourists in Thailand [1][4] - Previous seasons, set in Hawaii and Sicily, depicted local characters with depth, reflecting historical tensions and personal agency, which is notably absent in the third season [2][3][5] - The character Lisa in the third season embodies a "white lotus," serving as a mere object of desire without any agency, contrasting sharply with the more complex local characters from earlier seasons [6][12] Group 2 - The series explores the "Asian girl problem," highlighting the objectification of Asian women as symbols of ultimate sexual desire, particularly through the character Frank's obsession [7][9] - Frank's character reflects a deeper commentary on desire and identity, questioning the nature of his own desires and the implications of wanting to become an object of desire himself [8][10][13] - The portrayal of Asian women in the series raises critical discussions about racial and gender dynamics, particularly in the context of Western fantasies and the implications of "yellow fever" [10][11][14] Group 3 - The season critiques the superficial and commodified representation of Eastern spirituality, particularly Buddhism, as a tool for Western characters to navigate their existential crises [14][15][18] - The characters' engagement with Eastern philosophies reflects a broader trend of "spiritual consumerism," where practices like yoga and meditation are stripped of their original meanings and repackaged for Western audiences [19][20] - The narrative contrasts the concepts of "no self" and "Amor Fati," exploring different approaches to identity and existence, ultimately suggesting that both can offer solutions to modern existential dilemmas [25][26][27]

Core Viewpoint - Devon Energy Corporation (DVN) has shown a year-to-date stock gain of 1.6%, contrasting with a 22.8% decline in the Zacks Oil & Gas - Exploration and Production - United States industry and a 1.3% decline in the broader Zacks Oil and Energy sector [1] Performance Analysis - Over the past year, DVN's stock has declined by 32.7%, indicating a gradual recovery path, while Occidental Petroleum Corporation (OXY) experienced a 31.7% decline [2] - Devon Energy's return on invested capital (ROIC) stands at 8.71%, outperforming the industry average of 7.33% [15] Factors Contributing to Performance - The company benefits from a well-balanced commodity mix, focusing on oil, natural gas, and natural gas liquids, with a production replacement rate of 154% in 2024 [7] - DVN has a diversified, multi-basin portfolio of high-margin oil and gas assets, enhancing its asset base through strategic acquisitions [8] - The acquisition of Grayson Mill Energy's Williston Basin assets expanded net acreage from 123,000 to 430,000 acres, expected to triple production from 50,000 to 150,000 barrels of oil equivalent per day (Boe/d) [9] - A low-cost operating model supports profitability, with ongoing efforts to reduce drilling and completion expenses and streamline the workforce [10] Earnings Performance - DVN has reported strong earnings results, with an average earnings surprise of 6.09% over the last four quarters, despite missing expectations in the most recent quarter [12][13] - The Zacks Consensus Estimate for DVN's earnings per share for 2025 and 2026 has declined by 15.23% and 18.2%, respectively, in the past 60 days [17] Valuation - Devon Energy's shares are currently trading at a trailing 12-month Enterprise Value/Earnings before Interest Tax Depreciation and Amortization (EV/EBITDA TTM) of 3.61X, significantly lower than the industry average of 9.39X, indicating an inexpensive valuation [20] Summary - Devon Energy's multi-basin assets and balanced exposure to various commodities contribute positively to its performance, with a better return than the industry and an attractive valuation [21]

Financial Data and Key Metrics Changes - The company reported a comparable RevPAR of $400, reflecting a 4.2% increase year-over-year, marking the highest quarterly RevPAR in its history [7][8] - Comparable total hotel revenue increased by 4.4% year-over-year, while comparable hotel EBITDA was $70.8 million, representing a 5.3% increase [8][14] - The net loss attributable to common stockholders was $2.5 million, or $0.04 per diluted share, with AFFO per diluted share of $0.40 [14][15] Business Line Data and Key Metrics Changes - The resort portfolio reported a comparable RevPAR of $800, a 1.9% increase year-over-year, with combined comparable hotel EBITDA of $62 million, a 2% increase [9][10] - Urban hotels achieved a comparable RevPAR growth of 11.3%, with the Capitol Hilton benefiting from the presidential inauguration, showing a 19.3% year-over-year RevPAR growth [10][11] Market Data and Key Metrics Changes - The group revenue pace for 2025 is up 7%, with continued growth projected at 10% for 2026 [11][24] - The urban portfolio's comparable total revenue increased by 10%, and comparable hotel EBITDA increased by 39% year-over-year [24] Company Strategy and Development Direction - The company successfully extended its mortgage loan secured by the Ritz Carlton Lake Tahoe, improving its maturity schedule and lowering the cost of capital [11][12] - The company is focused on strategic capital expenditures, anticipating spending between $75 million and $95 million in 2025 to enhance portfolio quality and brand alignment [29][28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the portfolio's resilience amid economic uncertainty, noting strong booking trends and a solid balance sheet [7][30] - The company highlighted the effectiveness of its cost control initiatives, resulting in improved hotel EBITDA margins [20][40] Other Important Information - The company redeemed approximately $90 million of its non-traded preferred stock, representing about 20% of the original capital raise [13] - The company is exploring asset sales, with increased buyer activity noted in the marketplace, particularly for upper upscale assets [52][53] Q&A Session Summary Question: Any trends in group bookings regarding cancellations or macroeconomic volatility? - Management noted that while the booking window is shortening slightly, there is no significant impact on group bookings, with Q1 group revenue up 31% year-over-year [32][33] Question: What is the company's exposure to international inbound business? - The company indicated that international inbound is a small part of the portfolio, with minimal impact observed, varying by market [34][36] Question: How does the company plan to grow EBITDA margins? - Management expressed optimism about margin growth, citing aggressive cost containment measures and productivity improvements [37][40] Question: Can you provide details on the Magnificent Mile conversion? - The conversion is expected to enhance asset value and performance, with minimal CapEx planned for public and meeting space renovations [41][42] Question: What is the status of preferred stock redemptions? - The company explained that redemptions are subject to timing and the structure of the security, with holders able to redeem after three years [46][49] Question: What is the outlook for asset sales and use of proceeds? - Management reported increased buyer activity and plans to utilize proceeds for preferred equity redemptions, share buybacks, and retiring corporate convertible notes [52][54]

Atrium Health – Winston-Salem, NC FIRST QUARTER 2025 EARNINGS SUPPLEMENTAL www.globalmedicalreit.com NYSE: GMRE TABLE OF CONTENTS Legent Hospital for Special Surgery – Plano, TX | Company Overview | 3 | | --- | --- | | Select Quarterly Financial Data | 6 | | Business Summary | 7 | | Acquisitions / Dispositions | 8 | | Portfolio Summary | 9 | | Key Tenants | 12 | | Debt and Hedging Summary | 13 | | Total Capitalization and Equity Summary | 15 | | Sustainability Summary | 16 | | Condensed Consolidated | 17 | ...

Core Insights - CoreCivic reported strong financial performance in Q1 2025, with increased occupancy and new contracts leading to an upward revision of its full-year guidance for 2025 [1][3][18] - The company achieved a first-quarter occupancy rate of 77.0%, up from 75.2% in the same period last year, driven by effective cost management and increased utilization from ICE [3][5] - CoreCivic has begun reactivating previously idle facilities, including the Dilley Immigration Processing Center, which is expected to care for up to 2,400 individuals [3][16] Financial Performance - Q1 2025 net income was $25.1 million, or $0.23 per diluted share, compared to $9.5 million, or $0.08 per diluted share in Q1 2024 [5][34] - Total revenue for Q1 2025 was $488.6 million, with FFO per diluted share at $0.45, up from $0.30 in Q1 2024 [6][10] - EBITDA for Q1 2025 was $81.0 million, an increase from $62.8 million in Q1 2024, while Adjusted EBITDA was $80.9 million [9][37] Capital Strategy - The company repurchased 1.9 million shares for $37.9 million during Q1 2025, part of a broader share repurchase program authorized for up to $350 million [12][13] - CoreCivic plans to invest $65 million to $70 million in capital expenditures for activating previously idle facilities and enhancing transportation services [22] Contract Updates - CoreCivic is actively engaging with federal and state partners for additional contracting opportunities, with recent modifications to existing contracts to increase capacity for ICE detainees [4][15] - The company has entered into letter agreements with ICE for the activation of the Midwest Regional Reception Center and California City Immigration Processing Center, with initial funding authorized for both [17] Revised Financial Guidance - The revised full-year 2025 guidance includes net income projected between $91.3 million and $101.3 million, and diluted EPS between $0.83 and $0.92, reflecting improved occupancy and contract reactivations [18][19] - The updated guidance does not account for any new contracts not yet announced, indicating potential for further growth [20]

Core Insights - Global Net Lease, Inc. (GNL) successfully closed the first phase of a multi-tenant portfolio sale, generating $1.1 billion in gross proceeds and is on track to complete the remaining phases by the end of Q2 2025 [1][5] - The company reduced its net debt by $833 million in Q1 2025, improving its net debt to adjusted EBITDA ratio to 6.7x [1][9] - GNL repurchased 7.9 million shares at an average price of $7.50, totaling $59 million as of May 2, 2025 [1][18] - The company reaffirmed its 2025 guidance for adjusted funds from operations (AFFO) per share in the range of $0.90 to $0.96 and net debt to adjusted EBITDA between 6.5x and 7.1x [6] Financial Performance - Revenue for Q1 2025 was $132.4 million, down from $147.9 million in Q1 2024, primarily due to asset dispositions [5][31] - The net loss attributable to common stockholders was $200.3 million in Q1 2025, compared to a net loss of $34.7 million in Q1 2024, largely due to the timing and purchase price allocation related to the multi-tenant portfolio sale [5][31] - Core Funds from Operations (Core FFO) for Q1 2025 was $35.0 million, down from $56.6 million in Q1 2024 [5][31] - Adjusted Funds from Operations (AFFO) was $66.2 million, or $0.29 per share, compared to $75.0 million, or $0.33 per share in Q1 2024 [5][31] Portfolio and Asset Management - As of March 31, 2025, GNL's portfolio consisted of 1,045 net lease properties across ten countries, totaling 51.3 million rentable square feet [8] - The company has a closed plus disposition pipeline totaling $2.1 billion at a cash cap rate of 8.3% and a weighted average lease term of 5.2 years [5][13] - 60% of annualized straight-line rent comes from investment-grade or implied investment-grade tenants, indicating a strong tenant quality [10][5] Capital Structure and Liquidity - GNL had liquidity of $499.1 million and $1.4 billion of capacity under its revolving credit facility as of March 31, 2025 [9] - The company successfully reduced its net debt by $1.5 billion since Q1 2024, including the recent $833.2 million reduction [5][9] - The weighted average interest rate on total combined debt was 4.2%, with 91% of the debt being fixed rate [10][9]

Financial Data and Key Metrics Changes - Comparable RevPAR increased by 2% year-over-year, while total RevPAR increased by 1.6% [4] - Hotel adjusted EBITDA margins increased by 54 basis points, with hotel adjusted EBITDA in Q1 at $61.3 million, reflecting a 2.2% growth over 2024 [10] - Adjusted FFO was $0.19 per share, an increase of 5.6% over 2024, and free cash flow per share increased by 10% to $0.63 [11] Business Line Data and Key Metrics Changes - Urban hotels saw RevPAR growth of 5%, driven by group and business transient segments, while food and beverage revenue declined by 3.3% year-over-year [4][5] - Resort portfolio experienced a decline in comparable RevPAR by 2.1%, with total revenues slightly up in January and February but down by 4.3% in March [6][8] - Group room revenues increased by 10.4% year-over-year, with urban hotels seeing a 14.4% increase [9] Market Data and Key Metrics Changes - Florida assets experienced mid-single-digit revenue declines, with RevPAR down 5.9% [8] - Outside of Florida, RevPAR increased by 1.7%, with notable increases in luxury resorts like The Heights and Vail, which saw RevPAR growth of 7% and total RevPAR growth of 9.5% [8] Company Strategy and Development Direction - The company is focused on adding groups to resorts to enhance pricing and profitability, while also managing costs effectively in the face of revenue softness [9] - The company plans to continue share repurchases and is exploring refinancing options for maturing debts [12][13] - The outlook for 2025 has been revised, with FFO per share guidance unchanged at $0.94 to $1.06, and RevPAR outlook adjusted to a range of -1% to +1% growth [25][26] Management's Comments on Operating Environment and Future Outlook - Management noted that the macroeconomic environment remains unsettled, impacting group lead conversion rates, but expressed cautious optimism for the second half of 2025 [22][24] - The company anticipates that demand for drive-to resorts may increase due to economic conditions, while foreign visitation is expected to be softer than initially anticipated [20][21] - Management highlighted the importance of maintaining liquidity and flexibility in the current environment while focusing on increasing earnings per share [80] Other Important Information - The company repurchased 1.4 million shares at an average price of $7.85, with a total of approximately $16 million in repurchases year-to-date [12] - The company has three mortgage loans maturing in 2025, totaling just under $300 million, and is considering a recast of its corporate credit facility [12][13] Q&A Session Summary Question: Preliminary portfolio-wide RevPAR for April - Management indicated that preliminary April RevPAR is showing better than 2% growth [31] Question: Impact of tariffs on renovation costs - Management stated that renovation costs are complex and depend on the timing of orders and tariffs [32][34] Question: Profile of average group bookings - Management noted that group bookings range from associations to corporate events, with average hotel sizes around 200 to 250 rooms [39] Question: Markets with strong group pacing - Management highlighted Denver and Salt Lake as markets showing significant strength in group bookings [42] Question: Average booking window for groups - Management mentioned that the booking window for smaller groups is typically 4 to 6 months, while larger groups book 8 to 12 months out [57] Question: Consumer behavior shifts in booking and spending - Management observed that booking windows are getting shorter, but on-property spending remains in line with or ahead of last year [70] Question: Expectations for wages and benefits growth - Management expects wages and benefits growth to be around 3% to 3.5% for the full year [76] Question: Incremental share repurchases versus cash position - Management emphasized the importance of driving value through share repurchases while maintaining liquidity [80]

Financial Data and Key Metrics Changes - The company reported a consolidated revenue increase of 11% year over year, with adjusted EBITDAre rising by 15% and AFFO per fully diluted share increasing by 28% [15][25]. - Hospitality segment achieved record first quarter revenue and adjusted EBITDAre, driven by RevPAR and total RevPAR growth of 109% year over year [15][16]. - ADR reached a first quarter record of $264, up nearly 6% compared to the previous year [16]. Business Line Data and Key Metrics Changes - The Hospitality segment's revenue and adjusted EBITDAre were driven by strong growth in both group and transient segments, with outside room spending from group customers slightly better than anticipated [17][19]. - The Entertainment segment generated a revenue growth of 34% year over year, with adjusted EBITDAre increasing by 35% [16]. Market Data and Key Metrics Changes - Gross group room nights booked for future years increased by 10% year over year, with significant strength in bookings for 2026 and 2027, which were up 133% and 135% respectively [21]. - The company noted a decline in consumer confidence but highlighted that the consumer segments served continued to show strength in the first quarter [17]. Company Strategy and Development Direction - The company is focusing on long-term value creation while managing short-term dynamics, with a proactive approach to margin management and operational efficiencies [11][24]. - The acquisition of Southern Entertainment is seen as an opportunity to expand the live entertainment segment and enhance brand synergy across venues [53][56]. Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the near-term outlook due to economic uncertainties, particularly related to government business and group demand [6][11]. - The company has slightly modified its guidance for hospitality RevPAR and total RevPAR, reflecting expectations of weaker group business volumes compared to previous assumptions [25][27]. Other Important Information - The company ended the first quarter with $414 million in unrestricted cash and a total available liquidity of approximately $1.2 billion [30]. - Capital expenditures expectations for 2025 have been lowered to a range of $350 million to $450 million, based on updated construction timelines [31]. Q&A Session Summary Question: How short-term is the hesitancy being seen in bookings? - Management noted that while there is uncertainty, recent April production numbers showed a marked improvement in lead volumes for in-the-year bookings, indicating a potential recovery [38][39]. Question: What allows the company to maintain EBITDA guidance despite lower RevPAR? - The company has implemented profit improvement plans early in the year, which have helped safeguard margins and maintain guidance [46][48]. Question: Can you elaborate on the strategy behind the acquisition of Southern Entertainment? - The acquisition is aimed at increasing the opportunity set for live venues and enhancing the overall brand experience across different events [53][56]. Question: What is the government exposure across the portfolio? - The company indicated that government business is not a significant portion of its overall bookings, and stress testing showed resilience even if all government business were to cancel [92][93]. Question: How does the company plan to handle cancellations and rebooking? - Management plans to be more aggressive in collecting cancellation fees compared to previous crises, while still working with customers to find mutually beneficial solutions [100][101].

Financial Data and Key Metrics Changes - The company reported a consolidated revenue increase of 11% year over year, with adjusted EBITDAre rising by 15% and AFFO per fully diluted share increasing by 28% [17] - Hospitality segment achieved record first quarter revenue and adjusted EBITDAre, driven by RevPAR and total RevPAR growth of 109% year over year [17] - ADR reached a first quarter record of $264, up nearly 6% compared to last year [18] Business Line Data and Key Metrics Changes - The Hospitality segment's revenue and adjusted EBITDAre growth were attributed to strong performance in both group and transient segments, with outside room spending from group customers slightly better than anticipated [19] - The Entertainment segment generated a revenue growth of 34% year over year, with adjusted EBITDAre increasing by 35% [18] Market Data and Key Metrics Changes - Gross group room nights booked for future years increased by 10% year over year, with significant strength in bookings for 2026 and 2027, which were up 1335% and 913% respectively [22][40] - The company noted a decline in consumer confidence but highlighted that the consumer segments served continued to demonstrate strength in the first quarter [19] Company Strategy and Development Direction - The company is focused on long-term value creation while managing short-term dynamics, emphasizing the importance of its diversified customer base to mitigate fluctuations during uncertain times [13][25] - The company is actively managing its capital deployment program and has identified new growth projects, including a ten-year contract to manage the Ascend Amphitheater in Nashville [24] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the near-term outlook due to economic uncertainties, particularly related to government business, but maintained a positive long-term view [10][12] - The company has slightly modified its full-year guidance for hospitality RevPAR and total RevPAR, reflecting expectations of weaker group business volumes compared to previous assumptions [26] Other Important Information - The company ended the first quarter with $414 million in unrestricted cash and a total available liquidity of approximately $1.2 billion [30] - Capital expenditures expectations for 2025 were lowered from $400-$500 million to $350-$450 million based on updated construction timelines [31] Q&A Session Summary Question: How short-term is the hesitancy being seen in bookings? - Management noted that while there is hesitancy, lead volumes improved from a 50% decline in March to only an 8% decline in April, indicating a positive trend [36] Question: What allows the company to maintain EBITDA guidance despite lower RevPAR? - The company implemented profit improvement plans early in the year, which are expected to safeguard margins and bottom line [45] Question: Can you elaborate on the strategy behind the acquisition of Southern Entertainment? - The acquisition is aimed at increasing the opportunity set for live venues and enhancing the overall fan experience across venues [53] Question: What is the government exposure across the portfolio? - The company indicated that government business is not significant and has stress-tested its model to ensure it can weather potential cancellations [94] Question: How does the company plan to handle cancellations and rebooking? - Management plans to be more aggressive in collecting cancellation fees while also working with customers to find mutually beneficial solutions [100]

Host Hotels & Resorts (HST) Q1 2025 Earnings Call May 01, 2025 11:00 AM ET Speaker0 Good morning, and welcome to the Host Hotels and Resorts First Quarter twenty twenty five Earnings Conference Call. Today's call is being recorded. At this time, I would like to turn the call over to Jamie Marcus, Senior Vice President of Investor Relations. Please go ahead. Thank you, and good morning, everyone. Speaker1 Before we begin, please note that many of the comments made today are considered to be forward looking s ...